Foreigners Spend Big on South Africa Bonds Before Moody’s

Foreign investors piled into South African government bonds ahead of a scheduled review of the country’s debt ratings by Moody’s Investors Service on Friday. Non residents were net buyers of 4.3 billion rand ($269 million) of debt on Thursday, the most since Feb. 20. Moody’s rates the country’s long-term debt at Baa3, the lowest investment level, with a stable outlook.